USDPLN - Short breakout setup - 1HR
After a very profitable long trade on the hourly chart I’m now facing a short setup. The higher timeframes are alls till in bullish territory, but they also show some solid bearish divergence.
The hourly chart is trading below MTFA resistance, which seems to be rejecting the price at its current level. The CMF is showing bearish divergence and is currently still negative. No divergence shown by the RSX on this timeframe though..
The first MTFA support is a good few pips away, and reaching that may be a bit far fetched, but we’ll have to see how it plays out. Trail the stop loss with the green dots, and watch for overextension signals.. You know the drill ;)
There are no certainties in trading, and it’s very possible that we’ll see some ranging before price decides to break down (or up for that matter, as the higher timeframes are still bullish). If the indicator cancels the short setup I’ll cancel the entry order and re-evaluate. Here again, I’d rather be late to the party than end up at the wrong house..
If you find this useful, like and subscribe to get notified of updates and new ideas
If you want to tryout the indicators and strategy, follow and pm me and I’ll get you set up.
Stay calm, and happy trading!
The hourly chart is trading below MTFA resistance, which seems to be rejecting the price at its current level. The CMF is showing bearish divergence and is currently still negative. No divergence shown by the RSX on this timeframe though..
The first MTFA support is a good few pips away, and reaching that may be a bit far fetched, but we’ll have to see how it plays out. Trail the stop loss with the green dots, and watch for overextension signals.. You know the drill ;)
There are no certainties in trading, and it’s very possible that we’ll see some ranging before price decides to break down (or up for that matter, as the higher timeframes are still bullish). If the indicator cancels the short setup I’ll cancel the entry order and re-evaluate. Here again, I’d rather be late to the party than end up at the wrong house..
If you find this useful, like and subscribe to get notified of updates and new ideas
If you want to tryout the indicators and strategy, follow and pm me and I’ll get you set up.
Stay calm, and happy trading!
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4HR chart
